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Bed Bath & Beyond (BBBY) 3Q Revenue Lag Expectations, Guidance Downbeat; Shares Off

 December 19, 2012 04:36 PM

(By Balachander) Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares fell 2.21 percent in extended trading after the retailer of home products posted third-quarter revenue that trailed market expectations and issued a downbeat forecast.

The company also authorized a new $2.5 billion share repurchase plan. 

The Union, New Jersey-based company forecasts earnings per share (EPS) of $1.60 to $1.67, while consensus estimates call in for EPS of $1.75 for the fourth quarter ending February.

Bed Bath sees fiscal 2012 EPS of $4.48 to $4.54, trailing consensus estimate of $4.62.

The company reported third-quarter EPS of $1.03, up from $0.95 for the same period of last year, topping Wall Street projections by a penny. Net earnings increased 8.4 percent to $233 million.

[Related -Bed Bath & Beyond Inc. (NASDAQ:BBBY) Q3 Earnings Preview: Where Sales Go the Price Usually Follows]

Sales rose 15 percent to about $2.70 billion, versus consensus estimate of a growth of 16.70 percent.

Comparable store sales grew roughly 1.7 percent in the third quarter ended November.

As of November 24, 2012, the company had a total of 1,466 stores

BBBY shares, which have been trading in the 52-week range between $55.58 and $75.84, ended Wednesday's regular trading at $60.28.

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